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Joy Global's Model Update From Jefferies

  • Joy Global Inc. (NYSE: JOY) has seen a more than 61 percent decline in its share price year-to-date.
  • Jefferies’ Stephen Volkmann has maintained a Hold rating on Joy Global, while lowering the price target from $34 to $20.
  • The company reported its F3Q earnings below the estimates and the consensus, while lowering its F2015 guidance, as it continues to face market headwinds.

“We remain cautious as Service bookings continue to decline y/y supporting our expectation for an "L"-shaped recovery,” Volkmann stated, while mentioning that...